About VIRA

VIRA (Virtual Annuity) is an innovative financial, not insurance, product that strives to provide retirees with a lifetime steady income stream and a long-term care (LTC) cover, the two most important pillars—along with liquidity and flexibility—of retirement financial security.

VIRA is a convertible SMA/open-end fund that has several unique built-in features.

VIRA lets you:

  • Cancel the contract at any time without restrictions or surrender charges.
  • Yourself set the payout rate and change it at any time.
  • Participate in the capital appreciation opportunity.
  • Protect your money in the event of a market crash with VIRA’s tail risk hedging system.
  • Save and/or borrow money for long-term care or critical illness care.
  • Leave a legacy to your loved ones and/or cherished causes.
  • Convert VIRA into an SPIA (Single Premium Immediate Annuity).

Feel Free to Ask Questions

Q. Why should I buy VIRA instead of traditional annuities?

A. VIRA maintains the appealing features of traditional annuities such as providing a steady stream of income, and remedies their shortcomings such as loss of the control over the annuitant’s money, lack of capital appreciation potential, the inflexible payout rate, and a relatively high expense ratio. See the Comparison section under the About VIRA navigation bar for more information. Unlike traditional annuities, VIRA does not guarantee a lifetime income stream as such. However, VIRA strives to provide a lifetime income and effectively guarantees a minimum amount of income for life through the built-in option to convert VIRA into an SPIA (Single Premium Immediate Annuity). In addition, VIRA has features that would help its holders ease the financial burden in the event of long-term care or critical illness.

A. VIRA consists of two subaccounts: Payout and Reserve Account. VIRA holders are allowed to convert the balance in the Reserve Account into an SPIA (Single Premium Immediate Annuity) when the balance in the Payout Account is depleted (or even before), effectively guaranteeing a minimum amount of lifetime income. When you deposit money into VIRA, your money is split 90/10 to 60/40 between the Payout and Reserve Account, depending on your age. In addition, two percent of the balance in the Payout Account is transferred to the Reserve account every year. VIRA manages the assets held in the Reserve account to preserve as much of the balance as possible so that the balance can be converted into an SPIA when VIRA is unable to make the scheduled payout to its holder due to depletion of the balance in the Payout Account.

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